Housing market experiences significant drops in prices and sales.
TL;DR
Existing-home sales in the US fell 2.4% in March, with buyers facing higher mortgage rates and a lack of new listings. The median price for an existing home fell by 0.9% from last March, the largest drop in a decade. The number of homes on the market rose by 1% in March from the previous month, but the months-supply metric remained low at 2.6 months. Despite drops in home prices and sales, multiple offers are back, especially for entry-level homes, and new listings are down 17% from the previous year.
Topics:businessreal-estate#existing-home-sales#home-prices#low-inventory#mortgage-rates#national-association-of-realtors#real-estate
- U.S. existing-home prices fall nearly 1% in March, the biggest drop in a decade MarketWatch
- Home sales fell in March amid volatility in mortgage rates CNBC
- Home prices see biggest annual drop in over a decade: Report Fox Business
- Canadian housing starts slow as BoC rate hikes weigh Reuters
- US March existing home sales 4.44M vs 4.50M expected ForexLive
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